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Tax havens will not follow Gibraltar lead

19 June, 2009

The decision that Gibraltar has taken to introduce a standard 10% rate of corporate tax for multinational and domestic companies will not be followed by other low-tax jurisdictions.

Mr. Malcolm Couch, head of the income tax division on the Isle of Man has said that while tax is a factor in investment decisions, it is only one of many considered and certainly not the principal one. The Isle of Man has a standard rate of corporate tax at 0% and a higher rate at 10% which applied to the income of licensed banks. The tiered corporate tax system would remain in that jurisdiction.

The CEO of Jersey Finance, Mr. Geoff Cook has said that though there were no plans to alter the corporate tax structure, the fiscal policy was being kept under review.

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